Ispat Industries Ltd said it is in the process of restructuring its financial liabilities.
You have to grow, and grow fast - that's the DNA of the JSW group, chairman Sajjan Jindal said as JSW Cement made its debut on the stock market mid-August. The remark captured not just the moment but also the momentum of JSW's growth story.
JSW Steel, owned by Sajjan Jindal, has emerged as the world's most valuable steelmaker, boasting a market capitalisation (mcap) of nearly $30.31 billion, according to Bloomberg data.
Vinod Garg, executive director, commercial, Ispat Industries, and his wife were at a business dinner with the company's foreign customers when terrorists attacked the hotel on Wednesday night.
The government on Thursday confirmed an investigation has been ordered against Ispat Industries to check its balance sheet under the Companies Act.
Faced with slackening prices in China, steel producer Ispat Industries is now turning to Europe and Middle East which are witnessing northwards movement of demand and prices.
Essar Steel, Ispat Industries and Jindal Vijaynagar Steel made remarkable gains in early trades on Wednesday after financial institutions on Tuesday announced a debt recast package for the steel makers.
It is expected to take a similar stand at the Mumbai and Delhi high courts, where Welspun Maxsteel, Ispat Industries and Essar Steel have challenged the petroleum ministry's decision to divert KG-D6s supply from steel and petrochemicals to power and fertiliser.
The O P Jindal Group has emerged as a strong contender for Ispat Industries, the debt-laden company owned by Pramod and Vinod Mittal.
The UPA government has already come out with three stimulus packages in the last six months to give a fillip to the core sector, which has been hit by the global economic slowdown. It may announce another booster for the economy as part of the annual budget to be presented in July. The Congress in its manifesto for the 15th Lok Sabha polls had said it will continue to focus on the core sector and bring in new steps to stimulate demand in the economy.
Five Indian metals and mining companies are in the race for acquiring mining rights for the largest iron ore deposit in war-torn Afghanistan. The government has shortlisted Vedanta group's Sesa Goa, Essar Minerals, Ispat Industries, JSW Steel and Rashtriya Ispat Nigam for a bid for the 1.8 billion tonne Hajigak iron ore deposit.
A little over a year before, when the Hajigak iron ore deposit was put up for grabs, at least five companies - Essar Minerals, JSW Steel, Rashtriya Ispat Nigam, Sesa Goa and Ispat Industries - had evinced interest.
The steel plant will be closed down in 25 days unless an investor takes it over, operative executive director of the Bulgarian metallurgic enterprise Plamen Stoyanov told the Bulgarian media. Bulgaria's biggest steel plant has already shut down some of its production facilities, including two of its blast furnaces, and plans to stop operations completely by the end of this month.
A slew of real estate companies, like DLF, Omaxe, BPTP and Avnija Properties (Dalmia Cement), and large corporations like telecom bigwig AT&T, Sterlite, Videocon, JSW Power, Hinduja's HTMT, Moser Baer Infrastructure, Ispat Industries Ltd and a Sam Pitroda-owned company are among the 25 companies whose applications will not be immediately processed by the Department of Telecommunications (DoT) for awarding mobile licences.
Ispat promoters Pramod and Vinod Mittal will hold 26 per cent stake in the company.
Raman's hacking expertise is much in demand -- and not from criminal elements. Indian firms and multinationals like ABN Amro Bank, Aditya Birla Group, Bank of Maharashtra, Bombay Dyeing, HSBC, ICICI Bank, Indiabulls, Centurion BOP, Citibank, India Infoline, Ispat Industries and Kotak Group proactively seek his services. Raman's hacking expertise is much in demand -- and not from criminal elements.
The agreement, which will be reviewed at the end of five years, will boost profitability of the steel firms who had been buying expensive LNG or naphtha to meet feedstock shortage at their plants, a senior official said. The ministry of petroleum and natural gas had last week asked Reliance to sell natural gas to steel firms like Essar, Ispat and Vikarm Ispat to help the nation's most prolific gas field to produce at optimum level.
Top companies have grabbed a bigger pie of their sectors in the pandemic period, leading to a further rise in market concentration in many industries as measured by the Herfindahl-Hirschman Index (HHI). The HHI score, which indicates competitive intensity in an industry (or a lack of it), reached a new high in FY21 as bigger firms raised their revenue market shares either organically or through mergers and acquisitions. A higher HHI score indicates a rise in market concentration in favour of a few firms while a lower score means that the industry's revenue is more evenly divided among many companies
Steel firms are aiming to clear their piled up inventory as they fear a further fall in prices, which have already nosedived globally; buyers have withheld their bulk orders anticipating a further correction in the rates. JSW Steel said it would reduce total production by around 20 per cent from November. Essar Steel and Ispat Industries are already operating below optimum capacity. Jindal Steel and Power Ltd said it is looking to bring down cost of production.
Companies attribute declining sales to the lack of demand from the automobile, real estate and consumer durables sectors, which are facing rising inventory levels that have choked cash flows.
The country's leading steel producers have devised a new strategy to pass on rising raw material costs to the end users without raising prices. Companies are now levying raw material surcharges while keeping the base price unchanged.
Global Steel owns 70 per cent stakes in iron ore mine in Brazil and two coal mines in Columbia and Mozambique. The company is setting up three special purpose vehicles for isolating financial and regulatory risks. Ispat will purchase the stakes in these SPVs, which are held by Global Steel. The iron ore mine has an estimated reserve of 500 million tonne while the coal mines hold reserves of 120 million tonne.
Steel prices have come down by around 40 per cent since July this year. At present, prices of hot-rolled coil are ruling at Rs 30,000-32,000 a tonne. Ispat Industries director (finance) Anil Sureka said ex-factory prices of hot rolled coils were even lower.
Steel companies have reduced flat product prices by Rs 500-1,000 a tonne across categories in keeping with market conditions.
Steel producer Ispat Industries is hoping to sell its property at Mumbai's Pedder Road at a rate of about Rs 50,000 per sq.ft. The company may sell the property as duplex flats, implying an area of 8,000 sq ft, costing approximately Rs 40 crore (Rs 400 million), or as single flats of 4,000 sq ft, valued at Rs 20 crore (Rs 200 million).
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